“打帮凶”首例司法判决生效 配合造假第三方担连带赔偿责任

Core Viewpoint - The Shanghai High People's Court has made a final ruling that companies cooperating with Huahong Jitong (which has been delisted) in financial fraud are jointly liable for compensating investor losses, marking the first case in China where third-party suppliers and customers are held civilly liable for aiding in financial fraud [1][2][4]. Group 1: Legal Proceedings and Rulings - The court ruled that Huahong Jitong must compensate two investors for their investment loss, commission loss, and stamp duty loss, with the cooperating companies bearing joint liability in proportions of 50%, 20%, 10%, and 10% [2][4]. - The case dates back to December 29, 2022, when the Shanghai Securities Regulatory Bureau issued an administrative penalty against Huahong Jitong, which included a fine of 500,000 yuan and a warning [3]. - The fraudulent activities involved false trades that inflated Huahong Jitong's reported revenue by 16.1161 million yuan and profits by 732,300 yuan, which constituted about 13% of the reported operating profit for 2017 [3]. Group 2: Implications for the Market - The ruling is seen as a significant step in holding third parties accountable in the financial fraud ecosystem, potentially deterring collusion in future cases [6][8]. - The China Securities Regulatory Commission (CSRC) has noted a new trend in financial fraud where third-party entities collude with listed companies, forming a "benefit chain" or "ecosystem" [1][8]. - Between 2019 and 2023, 53 listed companies were found to have involved third parties in financial fraud, with an average of over 10 accomplices per company [8]. Group 3: Regulatory Actions and Future Directions - The CSRC has begun to impose penalties on third parties involved in financial fraud, indicating a shift towards a more comprehensive enforcement strategy [8][9]. - The Supreme People's Court and the CSRC have emphasized the importance of pursuing both the primary offenders and their accomplices to ensure a robust deterrent against financial misconduct [9].